Principal Financial Group Inc. Boosts Stock Position in Westamerica Bancorporation (NASDAQ:WABC)

Principal Financial Group Inc. grew its position in Westamerica Bancorporation (NASDAQ:WABC - Free Report) by 3.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 150,220 shares of the financial services provider's stock after buying an additional 5,356 shares during the period. Principal Financial Group Inc. owned approximately 0.56% of Westamerica Bancorporation worth $7,606,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in WABC. Raymond James Financial Inc. bought a new stake in Westamerica Bancorporation during the fourth quarter valued at approximately $3,647,000. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Westamerica Bancorporation by 64.7% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 38,114 shares of the financial services provider's stock worth $1,999,000 after purchasing an additional 14,977 shares during the period. Swiss National Bank boosted its position in shares of Westamerica Bancorporation by 0.8% in the fourth quarter. Swiss National Bank now owns 52,500 shares of the financial services provider's stock worth $2,754,000 after purchasing an additional 400 shares during the period. Commonwealth Equity Services LLC boosted its position in shares of Westamerica Bancorporation by 5.5% in the fourth quarter. Commonwealth Equity Services LLC now owns 37,366 shares of the financial services provider's stock worth $1,960,000 after purchasing an additional 1,940 shares during the period. Finally, Royce & Associates LP boosted its position in shares of Westamerica Bancorporation by 43.2% in the fourth quarter. Royce & Associates LP now owns 27,456 shares of the financial services provider's stock worth $1,440,000 after purchasing an additional 8,286 shares during the period. 81.89% of the stock is currently owned by institutional investors.

Westamerica Bancorporation Stock Down 1.2%

Shares of NASDAQ:WABC traded down $0.62 during trading on Friday, hitting $50.14. 121,564 shares of the stock traded hands, compared to its average volume of 136,729. The company has a market cap of $1.31 billion, a price-to-earnings ratio of 10.49 and a beta of 0.64. The company has a fifty day moving average price of $49.06 and a two-hundred day moving average price of $49.50. Westamerica Bancorporation has a 52-week low of $42.00 and a 52-week high of $59.97.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last announced its earnings results on Thursday, July 17th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.01. Westamerica Bancorporation had a net margin of 43.69% and a return on equity of 13.86%. The company had revenue of $64.88 million for the quarter, compared to analysts' expectations of $65.80 million. On average, equities research analysts predict that Westamerica Bancorporation will post 4.35 EPS for the current fiscal year.

Westamerica Bancorporation Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Monday, May 5th were paid a dividend of $0.46 per share. The ex-dividend date was Monday, May 5th. This is a positive change from Westamerica Bancorporation's previous quarterly dividend of $0.44. This represents a $1.84 dividend on an annualized basis and a yield of 3.67%. Westamerica Bancorporation's dividend payout ratio is 36.87%.

Insider Transactions at Westamerica Bancorporation

In related news, SVP Robert James Baker, Jr. sold 710 shares of the company's stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $48.16, for a total transaction of $34,193.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP John A. Thorson sold 2,243 shares of the company's stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $48.57, for a total value of $108,942.51. Following the completion of the transaction, the senior vice president directly owned 11,591 shares of the company's stock, valued at $562,974.87. This trade represents a 16.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Piper Sandler lowered their target price on shares of Westamerica Bancorporation from $54.00 to $50.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. Keefe, Bruyette & Woods decreased their price target on shares of Westamerica Bancorporation from $58.00 to $55.00 and set a "market perform" rating on the stock in a research note on Monday, April 21st. Finally, Wall Street Zen raised shares of Westamerica Bancorporation from a "sell" rating to a "hold" rating in a research note on Friday, June 27th.

Westamerica Bancorporation Profile

Westamerica Bancorporation operates as a bank holding company for the Westamerica Bank that provides various banking products and services to individual and commercial customers. The company accepts various deposit products, including retail savings and checking accounts, as well as certificates of deposit.